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11/28/08
New York-based Cravath Swaine & Moore made the first move in this direction by announcing a 73% drop in associate bonuses this year. The white-shoe firm is paying year-end bonuses in the range of $17,500 to $30,000. That's just about 27% of what the associates received in 2007, says Bloomberg. It may be recalled that it was Cravath and Swaine that set the bonus trend last year awarding attractive bonuses in the range of $45,000-$110,000.
Simpson Thacher & Bartlett followed suit by cutting bonuses by 72%, report Bloomberg and AmLaw. This New York-based firm's bonus ranges from a pro-rated $17,500 for first-year associates to $32,500 for eighth- and ninth-years, as compared to about $115,000 a year before.
New York's elite firm Skadden, Arps, Slate, Meagher & Flom seemingly defied the prevailing trend by awarding associates the same bonus as last year. The effect was neutralized by scrapping the firm's ''special'' supplemental bonus.
In 2007, bonuses at most top law firms ranged from $35,000 to $60,000, along with additional special bonuses of $10,000 to $50,000. Looking at the downturn, most analysts predict similar cuts at other top law firms in the coming weeks.
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